ACCOUNTING QUESTION help plz.. 10 pts?

Question

1. If the value of an asset is $12,300 and the accumulated depreciation is $2,700, the original cost of the asset was ____.

a. 9600

b. 12300

c. 15000

d. 17700

2. Owner’s equity at the beginning of the accounting period is $38,000. Net income for the period is $40,000. Investments by the owner during the period total $1500. Withdrawals by the owner during the period total $20,000. The owners equity at the end of the accounting period is ___.

a. 73000

b. 78000

c. 93000

d. 113000

Thank you so very much!!!

Answer 1

c for Q1, there seems to be information missing or incorrect on Q2

Answer 2

1. If the value of an asset is $12,300 and the accumulated depreciation is $2,700, the original cost of the asset was  c. $15000.

Cost $15,000

- Accum. depn $2,700

= Net book value $12,300

2. Owner’s equity at the beginning of the accounting period is $38,000. Net income for the period is $40,000. Investments by the owner during the period total $15,000 (typo in your question). Withdrawals by the owner during the period total $20,000. The owners equity at the end of the accounting period is a. $73,000

Owner's equity

Beginning $38,000

+ Net income $40,000

+ Investments $15,000

- Withdrawals ($20,000)

= Ending $73,000

Answer 3

Okay, let me help you with your homework.

The formula for the first question is:

  Original Cost = Accumulated Depreciation + Current Book Value

The formula for the second question is:

  Period End Owners Equity = Period Begin Owners Equity + Net Income + Investments - Withdrawals

I'll leave the arithmetic to you.

Jerry-the-bookkeeper